In just a short while, Finance Minister Nirmala Sitharaman will present the Union Budget for the eighth consecutive time. The Budget 2025 will be tabled in Parliament at 11 AM today. Prime Minister Narendra Modi has termed it a historic budget, raising hopes among people from all walks of life. Here are the top 10 expectations from taxpayers, farmers, women, and senior citizens:
1. Income Tax Relief
Taxpayers might get significant relief this time. Reports suggest that under the new tax regime, annual income up to ₹10 lakh could be made tax-free. Additionally, a new 25% tax slab might be introduced for incomes between ₹15-20 lakh.
2. Increase in Standard Deduction
The government may raise the standard deduction limit. Currently, salaried employees and pensioners get deductions of ₹50,000 under the old regime and ₹75,000 under the new one. This could be increased to ₹1 lakh.
3. Higher Limit for Section 80C Deductions
The deduction limit under Section 80C might be increased from ₹1.5 lakh to ₹2 lakh, considering inflation and the growing financial burden on taxpayers.
4. Benefits for Senior Citizens
The health insurance premium limit for senior citizens may be raised to ₹1 lakh, while it could remain at ₹50,000 for others. Additionally, there might be decisions regarding concession in railway fares for senior citizens.
5. New Schemes for Women
In the 2024-25 budget, ₹3 lakh crore was allocated for women-centric schemes. This amount might be increased this year. Moreover, the Mahila Samman Saving Certificate, which is set to expire on March 31, 2025, may get an extension.
6. Increase in PM-Kisan Scheme Assistance
The annual assistance of ₹6,000 provided to farmers under the PM-Kisan Yojana may be increased, offering significant relief to the farming community.
7. Higher Limit for Kisan Credit Card (KCC)
The current loan limit of ₹3 lakh under the Kisan Credit Card could be raised to ₹5 lakh, providing greater financial support to farmers.
8. Possible Changes in NPS
The government may introduce reforms in the National Pension System (NPS) to provide more post-retirement benefits and flexibility.
9. More Benefits for Senior Citizens
Apart from health insurance, senior citizens might get additional benefits under pension schemes, enhancing their financial security.
10. Enhancements in Atal Pension Yojana (APY)
The benefits under the Atal Pension Yojana could be increased, aiming to cover more beneficiaries and provide better retirement security.
Bottom Line:
Budget 2025 is expected to bring relief to the common man, especially for taxpayers, farmers, women, and senior citizens. Stay tuned for more updates as the budget unfolds!
